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Bears Return

GOLD TECHS
  • RES 4: $1973.6 - High Sep 16 and a key near-term resistance
  • RES 3: $1955.7 - High Sep 21
  • RES 2: $1933.3 - High Oct 12 and the bull trigger
  • RES 1: $1911.5 - High Oct 27
  • PRICE: $1881.6 @ 07:11 GMT Oct 29
  • SUP 1: $1869.5 - Low Oct 28
  • SUP 2: $1848.8 - Low Sep 28 and the bear trigger
  • SUP 3: $1837.1 - 38.2% retracement of the Mar - Aug rally
  • SUP 4: $1815.8 - Low Jul 21

Gold faced selling pressure yesterday trading through support at $1882.5, Oct 14 low and $1873.0, Oct 7 low. The break lower reinforces a bearish theme and signals scope for a move lower towards $1848.8, Sep 28 low and the bear trigger. Clearance of this support would confirm a resumption of the downleg that started Aug 7. On the upside, initial firm resistance is seen at $1911.5, Tuesday's high.

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